LEXINGTON, Ky. (WTVQ) – Some University of Kentucky students will be paying more for tuition starting this fall.

The university announced Friday that its Board of Regents approved the 2019-2020 budget.

Under the new budget, in-state graduate students will pay 2.4 percent more for tuition or $12,360 per year.

Tuition for out-of-state students will increase by 6.2 percent.

They will pay $30,680 per year.

The budget also includes a 2 percent merit raise for faculty and staff.

The university says it will also invest $146 million in financial aid.

According to the university, in the fall 2018, nearly 90 percent of Kentucky undergraduates received financial aid or scholarships.

Also included in the budget: $2 million for new diversity faculty hires, an additional $1 million for campus modernization efforts ($10 million total) and another $500,000 for renewal of utility infrastructure ($1.5 million total).